1 Name

This instrument is the Regional Investment Corporation (Drought and Small Business Drought Loans)(Cessation of Interest-Free Period) Amendment Instrument 2020.

2 Commencement

This instrument commences on 1 October 2020.

3 Authority

This instrument is made under subsection 11(1) and section 54 of the Regional Investment Corporation Act 2018.

4 Schedules

Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

Schedule 1—Amendments

Regional Investment Corporation Operating Mandate Direction 2018

[1] After section 20

Insert:

21 Regional Investment Corporation (Drought and Small Business Drought Loans)(Cessation of Interest-Free Period) Amendment Instrument 2020—transitional and application provisions

(1) In this section:

commencement day means 1 October 2020.

Note: This is the day on which the instrument that made the relevant amendments commenced.

relevant amendments means the amendments to this Operating Mandate made by the Regional Investment Corporation (Drought and Small Business Drought Loans)(Cessation of Interest-Free Period) Amendment Instrument 2020.

(2) Where an application for a drought loan was made before the commencement day, this Operating Mandate applies in relation to the application and any loan offered on the basis of the application as if the relevant amendments had not been made.

[2] Schedule 1

Omit:

(c) in the case of a drought loan—has an initial interest-free period of 2 years followed by an interest-only period of 3 years;

(ca) in the case of a loan other than a drought loan—has an initial interest‑only period of 5 years; and

substitute:

Regional Investment Corporation (Drought Loans Expansion) Rule 2020

[3] Section 4 (definition of expanded drought loan)

Omit paragraphs (b) and (c), substitute:

(b) only interest is payable for the first 5 years of the loan;

[4] Section 17

Omit the note.

[5] After section 30

Insert:

Part 4—Transitional, application and savings provisions

31 Regional Investment Corporation (Drought and Small Business Drought Loans)(Cessation of Interest-Free Period) Amendment Instrument 2020—transitional and application provisions

(1) In this section:

commencement day means 1 October 2020.

Note: This is the day on which the instrument that made the relevant amendments commenced.

relevant amendments means the amendments to this instrument made by the Regional Investment Corporation (Drought and Small Business Drought Loans)(Cessation of Interest-Free Period) Amendment Instrument 2020.

(2) Where an application for an expanded drought loan was made before the commencement day, this instrument applies in relation to the application and any loan offered on the basis of the application as if the relevant amendments had not been made.

Regional Investment Corporation (Small Business Drought Loans) Rules 2020

[6] Section 4 (definition of small business drought loan)

Omit paragraphs (b) and (c), substitute:

(b) only interest is payable for the first 5 years of the loan;

[7] Section 13

Omit the note.

[8] After section 26

Insert:

Part 4—Transitional, application and savings provisions

27 Regional Investment Corporation (Drought and Small Business Drought Loans)(Cessation of Interest-Free Period) Amendment Instrument 2020—transitional and application provisions

(1) In this section:

commencement day means 1 October 2020.

Note: This is the day on which the instrument that made the relevant amendments commenced.

(2) Where an application for a small business drought loan was made before the commencement day, this instrument applies in relation to the application and any loan offered on the basis of the application as if the relevant amendments had not been made.

David Littleproud	Mathias Cormann
Minister for Agriculture, Drought and Emergency Management	Minister for Finance